Summary
Egypt hosted international events recently, including a conference led by President Donald Trump and the opening of a new museum. While these events captured global attention, Egypt held parliamentary elections with limited competition, as many candidates are loyal to President Abdel Fattah el-Sisi. Despite past economic challenges, financial aid and investments have stabilized Egypt’s economy, reflected in improved credit ratings and economic growth.
Key Facts
- Egypt hosted a conference in Sharm el-Sheikh in October where President Trump promoted a ceasefire for the Gaza Strip.
- Egypt opened the new Grand Egyptian Museum near the pyramids in November.
- Egypt's parliamentary elections began in November, with pro-government parties running unopposed for half of the seats.
- Critics say the elections happen under restrictions, limiting meaningful political participation.
- Egypt's economy has stabilized due to financial support from the IMF, World Bank, EU, and investments from the UAE and Qatar.
- Egypt's credit rating improved, and its GDP growth is on the rise.
- The Egyptian pound is stable after a past devaluation, benefiting businesses like the textile industry.
- The IMF completed a review of Egypt's economic reforms and released additional loan funds, although concerns remain about military control in the economy.
